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 & (1) & (2) \\
VARIABLES & FD\_l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h & FD\_l\_mu\_TL\_sFSQ\_t1\_pos\_w\_h \\ \hline
 &  &  \\
FD\_l\_va\_agg & -0.140** & -0.140*** \\
 & (0.0546) & (0.0489) \\
Constant & -0.000115 & -0.000115 \\
 & (0.000628) & (0.00621) \\
 &  &  \\
Observations & 4,825 & 4,825 \\
R-squared & 0.010 & 0.010 \\
Sector FE & Yes & Yes \\
 Cluster & Sector & Year \\ \hline
\multicolumn{3}{c}{ Robust standard errors in parentheses} \\
\multicolumn{3}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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